The Newswire

Your daily serving of financial goodness

ASX up Marginally as Mining Gains Offset by Weak Chinese Data

ASX up Marginally as Mining Gains Offset by Weak Chinese Data
Apr 23, 2015 By Imran Valibhoy

The ASX was up 7.3pts, or .1 per cent, at 5844.8pts on Thursday. Mining companies rallied after iron ore prices rose significantly overnight. The Metals and Mining sector rose 1.82 per cent. Much of the gains were hampered by weak Chinese manufacturing data. The flash HSBC-Markit Purchasing Managers’ Index PMI fell below the 50-point mark to 49.2 points in April. Gold companies also fell as gold prices slid to a three-week low. The All Ordinary Gold index was down 3.48 per cent. In US markets, the Dow Jones was up .49 per cent and the S&P 500 was up .51 per cent. In Europe, the DAX fell .60 per cent and the FTSE 100 fell .49 per cent. The Asian market has mostly continued its gains from the previous day. The Nikkei 225 is up .27 per cent near the end of trading on Thursday. The Heng Seng is up .22 per cent so far. The Shanghai Composite has been fluctuating between gains and losses. It is down .03 per cent around 2:35pm Shanghai time.

BC Iron (ASX:BCI) was up 14c, or 53.85 per cent, at 40c per share. Iron ore price rose around 5 per cent overnight, causing a rally in the mining sector. The mining company also announced it had reduced mining costs in its March quarterly activities report.

Fortescue Metals Group (ASX:FMG) was up 18.5c, or 9.71 per cent, at $2.09 per share. In addition to the iron ore price rally, Fortescue shares are up as it raised US$2.3bn in an oversubscribed bond offer.

Newcrest Mining (ASX:NCM) was down 50c, or 3.43 per cent, at $14.10 per share. In its March quarterly report released on Thursday, Newcrest revealed it had raised its gold production by 5.7 per cent. Gold production in its Cadia East project was particularly strong, rising 19 per cent.

Australia & New Zealand Banking Group (ASX:ANZ) was down 23c, or .65 per cent, at $35.26 per share. ANZ has restarted talks to sell its $1.23bn stake in PT Bank Pan Indonesia.

Regis Resources (ASX:RRL) was down 12.5c, or 9.23 per cent, at $1.23 per share. Australian gold miners took a dive on Thursday as gold slid to a three-week low.

Share this article

Imran Valibhoy Author: Imran Valibhoy Apr 23, 2015

Since Joining the firm in 2006, Imran has worked on a range of M&A and Capital Market transactions in the natural resources, mining as well as projects in the renewable energy sector. Prior to joining Wise-owl, Imran worked at Euroz Securities in Perth, aiding in the advisory and valuation of companies in the mining and industrial sectors in Australia. Imran has a Masters in Banking & Finance from City University's Class Business School in London and a Bacheloor degree in Commerce from UWA.

Northern Cobalt banks on lasting cobalt boom

Northern Cobalt Limited (ASX:N27) is the latest cobalt exploration company to list on the ASX. Seeking to raise up to $6 million, should investors consider this junior explorer?

Author: Simon Herrmann Aug 07, 2017

Errors

Sign Up for Free Trial
Subscribe
Recent Tweets
Recent News